International Seaways sells 49% stake in Q-Flex quartet to Nakilat

Article Image
Q-Flex LNG carrier

Posted October 9, 2019

Nakilat (Qatar Gas Transport Company Ltd.) has paid $123 million in cash to take full ownership of four Q-Flex LNG carriers from joint-venture partner New York City headquartered International Seaways, Inc. (NYSE: INSW), which had a 49% share in the JV

“Nakilat and INSW worked in partnership to conclude this transaction, demonstrating the high level of teamwork the companies have shared for over 15 years,” said Lois K. Zabrocky, International Seaways’ President and CEO. “Nakilat continues to be a very valued INSW partner and remains an important part of our ongoing commitment to our business relationships in Qatar. By monetizing our interest in the joint venture, we unlocked significant value for shareholders and further strengthened our balance”

With a cargo carrying capacity of 217,000 cu.m each, the four LNG carriers have been operated and managed in-house by Nakilat’s ship management arm, Nakilat Shipping Qatar Limited (NSQL), since 2014.

The acquisition brings the total number of vessels wholly-owned by Nakilat from 25 to 29 LNG vessels, out of its overall fleet of 74 LNG and liquefied petroleum gas (LPG) vessels.

Source: marinelog.com